PwC Survey: Cybercrime Threat Growing for Financial Services Firms

Mar 27, 2012

Cybercrime currently ranks as the second-most reported economic crime that affects financial services firms, according to new research released by PricewaterhouseCoopers LLP.

According to the survey, which took into account nearly 4,000 responses from 78 countries including 23 percent from the financial services sector, noted cybercrime accounted for 38 percent of criminal incidents for companies in this field. This compared to just 16 percent seen in other business sectors.

The study also found that approximately half of respondents from the financial services industry said the risk of cyberattacks has increased over the past year, compared to only 36 percent from other business sectors, Bloomberg reports.

"Cyber crime puts the financial sector’s customers, brand and reputation at significant risk," Andrew Clark, a forensic services partner at PricewaterhouseCoopers, noted in a statement. "Regulators are increasingly viewing cyber crime as a key area of focus and financial institutions are expected to have appropriate systems and controls in place."

The BBC reports the survey found that fraud by staff members is also becoming more of a threat for financial services firms.